St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-12-03
The GRAIN GAMBLERS
They Raise the Price Of Ce-
reals on the Chicago
Board Of Trade.
Within a Few Days Wheat Has
Increased 10 Cents in
Value,
While Corn Has Gone Up II
Cents and Oats About
6 Cents.
Pork Jumps Skyward SIS Per
BarPel--Other Articles in
Sympathy.
Special to the Globe.

Special to the Globe.
CHICAGO, Dec 2.-The hands on the
dial that marks fluctuations in corn
bObbed about so fast this morning that
the OnloOkers got dizzy. The market
opened 12@5sc higher on strong cables,
January being quoted at 1870 and May
at sac. Free realizing by Bloom and
other longs broke May to 533sc. The
price crept back to 535sc, and gallOped
from there to 5415c i'll sixty seconds.
Trade was small on the sharp advance,
but the needs of shorts were urgent and
the demand for investment account was
active. No complaints about failure
to get action in corn are heard.
By 1:30 May corn was back to 54c.
Wheat was barely steady at the opening,
but the riOtouS strength and the playful
bulliSh pranks of the country" in corn
infused vigOr into corn, though of a
more moderate and dignified form.
Trading for the first hour was on basis
of 773s07S15c for January, and S43s0o
Sc for May. Trade was Just decently
active. May oats ascended to $3.50 and
broke back to 3314c, all within thirty
minutes of the opening. The
STOCKS OF PROVISIONS
as given this morning, had the effect of
easing up the market, in spite of the
great strength in corn. The stock of
new pork, CO., 600 barrels, was somewhat
larger than expected, but the stock of
short ribs. 15,4Sl. 900 pounds, is smaller
than was anticipated. Provisions
opened about as they closed last night,
but soon after trading began the bears,
under the leadership of Ream. under
took to break the market. They raided
pork down p cents and lard cents,
and ribs 10(01215 cents. Ream offered
any part of 10000 barrels of new pork
at $500. The crowd helped itself
to what it wanted. and when the great
speculatOr stepped out of the pit the
price was run up to S15.3212, January
travelling from Si4.G0 to Sl4.65. January
lard sold down to $40, and January
ribs to S7.5715.
The markets boiled over to-day. Be
fore noon wheat had made gain of
nearly &c bushel over yesterdays last
prices. Corn was 114@115c higher, oats
had established an advance of 1c, and
the bull spirit in provisions developed
staying powers that are to the veteran
SpeculatOr ineXplicable.
THE BULL MOVEMENT
in grain has converted the market from
drOwSineSS into state of tre-
mendOus and uncomfortable excite
ment. The professional operators, who
usually exert more or less influence in
shaping the course of values, are tossed
about like wiSps of straw. A few mill
ion bushels or less thrown into the
whirl does not make the slightest differ
ence in any direction. The markets are
broad and deep. Transactions run upintO
mammoth figures, and the individuals
who started the boom have ceased to be
important factors in the situation. Tue
country has taken large and powerful
hand in the game. As for fresh news
affecting the markets, there is none.
The same influences that have beeu at
work for the past two weeks are eXerted
with daily increasing intensity. The
same condition exists, the only differ
ence being in degree. New phrase
ology may be employed in describing
the markets, but the picture presented
to view is the same. To-day the cOun-
try was the biggest buyer of corn and
and for the first time in ten
days the professional element is acting
in sub Stantial accord and realizing
profits. The
BIG LOCAL BULLS,
nave, as Tule. SOlu OUT IlcIT prop
erty bought at lower range of values,
and great many of them are conf
IDENTITY putting out strong lines. The
bulge has been so rapid and violent that
they argue that unless the country
comes forward in sufficient force and
numbers to literally lift the markets up
and tear Ihem loose from their anchor
age of legitimate reasoning, reactions
may be looked for which will wipe out
a large percentage of paper profits. As
prices stand to-day wheat has made 4
total gain of nearly 10c, corn lie,
oats &C, pork So barrel, and other prod
uct in proportion, all within a few
weeks, and practically without set
back. The tremendous and general adj
vance may be but the beginning of the
but conservative people are
caution and predicting breaks.
They say that reactions are inevitable
after such terrific upward plunge as
has been witnessed. May wheat sold
up to S615c. May corn to 553lc, May oats
above 33c, January pork to Sl5, May
pork to $3.50, January lard to $50 and
January ribs to S7-75,
A BIG IMPROVEMENT
all round. From this range there was a
moderate reaction in nearly all articles,
but no indications of general weakness.
The commission houses were the larg
est traders. A great many of them sold
against country elevator wheat around
See and against cribbed corn around soc.
but the bulk of country orders were to
buy. This is true to larger extent of |
provisions and corn than wheat, which |
seems to find most favor in the eyes of |
the majority of investors as being rela-
lively the best article on the list. In
provisions lard and ribs monOpOlized |
.he larger share of trade. The profess |
sion is practically out of provisions, or
IS on the short side along |
with packers. The load is resting fairly |
aud squarely on 1.-The country" At the |
afternoon session the decline in grain |
and provisions, which began before l |
D. m, continued. Wheat declined &c, |
corn about 5sc, oats &c, pork 1215c and |
ard 21s@5c. 2:30 p. IN. prices: Wheat |
7S14c; January, 7S2lc: |
February, 794c; May, S519c. Corn
December, 49c: January, 1890; May, |
Oats-January, 80; Feb |
,uary, 29slc; May, S315c. Pork-Janu-
Try, sl4.721S; February. S14.S715; May,
1880. Lard-December, S7.3719; jan
larry, S7.45; February, s7.55; March,
'7.65; May, s7.s5. Short Ribs-Janu-
Try, s7.6217; February, S7.7231z; March,